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from Part 2 - Australia and the Regions
Published online by Cambridge University Press: 29 March 2024
In an end-of-term address to an ’Australian Business in Europe’ (ABIE) luncheon in London on 18 July 1990, the High Commissioner and a former Labor politician, Douglas McClelland, spoke warmly of the relationship between the two countries and especially of its value to Australia: ’Today, Australia House has an annual budget of over $23 million and the value that Australia gets for that expenditure is immeasurable. For instance, we are drawing from this country some 26 000 migrants annually, and they take with them on a conservative estimate something like $830 million. We also write some 210 000 working holiday visas and those people produce and spend in Australia. On the estimates of the Australian Tourist Commission, these working holiday people earned Australia some $310 million. British investment into Australia is running at the $45 billion mark. Britain has now restored herself to being the largest overseas investor in our country. In turn, Australian companies have invested in Britain something like $15 billion.’
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